Bulls failed to keep the momentum going on D-Street as Nifty50 snapped its 4-day winning streak and slipped below its crucial 50-Days Moving Average (DMA) on Friday. The index formed a Bearish Engulfing Pattern on the daily charts. On the downside, the first support is placed at 11,950 while on the upside; a close above 12160 could take the index towards 12,266.

Weekly Nifty Bank View

Bank Nifty witnessed steep recovery after correcting sharply in the previous week over budget set back. The Bank Nifty ended with a weekly gain 4.48% higher. On Friday, Financial stocks like Kotak Bank, ICICI Bank & HDFC Ltd witnessed selling pressure throughout the day as profit booking weighed in. Technically, it is traded above 8 days Exponential moving average which supports bullish view.

Global Markets Update

Europeans shares extended losses while most Asian stocks mostly ended lower on Friday as the growing death toll and economic damage from a new virus spreading from China curbed further gains. The death toll in China rose to 636 in just under a week. The number of infections stood at 31,161. Investors remain attentive to the economic developments of the coronavirus. S&P Global Ratings said that it lowered its growth forecasts for China for 2020 to 5% from 5.7% prior to the outbreak.